Walter D. Bay - 14 Mar 2022 Form 4 Insider Report for Arthur J. Gallagher & Co. (AJG)

Role: General Counsel
Signature: /s/ Seth Diehl, by power of attorney
Issuer symbol: AJG
Transactions as of: 14 Mar 2022
Net transactions value: -$1,201,171
Form type: 4
Filing time: 16 Mar 2022, 20:19:13 UTC
Previous filing: 25 Feb 2022
Next filing: 11 Aug 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	AJG	Common Stock (restricted)	Award	$0	+8,450	+59%	$0.000000	22,750	14 Mar 2022	Direct	F1
transaction	AJG	Common Stock (restricted)	Options Exercise	$0	-8,450	-37%	$0.000000	14,300	14 Mar 2022	Direct
transaction	AJG	Common Stock	Options Exercise	$0	+8,450	+28%	$0.000000	38,499	14 Mar 2022	Direct
transaction	AJG	Common Stock	Tax liability	$436,212	-2,819	-7.3%	$154.74	35,680	14 Mar 2022	Direct
transaction	AJG	Common Stock	Options Exercise	$327,825	+7,500	+21%	$43.71^*	43,180	16 Mar 2022	Direct
transaction	AJG	Common Stock	Sale	$1,215,000	-7,500	-17%	$162.00	35,680	16 Mar 2022	Direct
transaction	AJG	Common Stock (restricted)	Options Exercise	$0	-4,550	-32%	$0.000000	9,750	16 Mar 2022	Direct
transaction	AJG	Common Stock	Options Exercise	$0	+4,550	+13%	$0.000000	40,230	16 Mar 2022	Direct
transaction	AJG	Common Stock	Tax liability	$327,780	-2,015	-5%	$162.67	38,215	16 Mar 2022	Direct
holding	AJG	Common Stock						215	14 Mar 2022	Gallagher 401(k) plan account

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	AJG	Non-qualified Stock Option	Award	$0	+11,405		$0.000000	11,405	15 Mar 2022	Common Stock	11,405	$158.56	Direct	F2
transaction	AJG	Non-qualified Stock Option	Options Exercise	$0	-7,500	-42%	$0.000000	10,200	16 Mar 2022	Common Stock	7,500	$43.71	Direct	F2
transaction	AJG	Phantom Stock	Discretionary transaction in accordance with Rule 16b-3(f) resulting in acquisition or disposition of issuer securities	$449,996	+2,843	+3.3%	$158.26	88,245	16 Mar 2022	Common Stock	2,843		Direct	F3, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Performance share units (awarded on March 14, 2019) earned and vested as of March 14, 2022.
F2	One-third of this stock option becomes exerciseable on each of the 3rd, 4th, and 5th anniversaries of the grant date.
F3	Each share of phantom stock represents a right to receive one share of Gallagher common stock.
F4	These shares represent awards under the Age 62 Plan, a nonqualified deferred compensation plan of the Company, which have been deemed invested in Company common stock at the election of the reporting person. Participants vest in these awards when they attain age 62, or after a one-year period for participants who have attained age 61.